Journal of Economic and Social Thought
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2nd Sarajevo International Conference of Social Sciences: EU Integration and Balkan Countries
Get PDFAbstract. In this study, the assessment of the 2nd Sarajevo International Conference of Social Sciences: EU Integration and Balkan Countries held in Sarajevo will be evaluated.Keywords. Balkan Countries, European Union, Board of Directors’ Quality, Public Health Expenditures Efficiency.JEL. D61, O52, M10
Seyed Kazem Sadr, The Economic System of the Early Islamic Period: Institutions and Policies
Get PDFAbstract. The book is a major contribution to Islamic economic history and to Islamic economics in the English language. It presents a comprehensive yet concise economic hermeneutic of policies implemented by the Messenger (saas) in Medinah. It is an authoritative presentation based on the Qur’an, the Traditions of the Messenger, earliest writings of Muslim historians and jurists. Within the context of contemporary economic universe of discourse, the book discusses implications of policies of the Messenger with regards to allocation of resources, production, exchange, growth, development, environment, efficiency and justice. For those who think that zakat, prohibition against interest, waqf and the like are the only elements that distinguish an Islamic economy from other systems, the depth and the breadth of the book would provide a transformative experience. This Review argues that the appearance of the book is particularly timely given the distorted, dis-embedded, and fictitious model of an Islamic economy manufactured by Orientalists. The book will go a long way in correcting these distortions.Keywords. History of economic thought, Macroeconomy, Macroeconomic policy, Economic policy, Economic history, Economic systems, Political economy.JEL. B10, E40, E60, N10, P40, P48
Waqf for Poverty Alleviation: Challenges and Opportunities
Get PDFAbstract. This Study seeks to adapt the framework practiced by various MDBs particularly international Development Association (IDA) to the potential establishment of GobalWaqf fund as this framework is proven to be effective. The framework revolves around the IDA operations with replenishments, allocation of funds by implementing specific formulas and the determination approach which is mainly to monitor effectiveness of the earlier processes. Apart from this framework, it is suggested that a good governance system also plays a vital role in the raising and managing of the global waqf funds. This research is purely qualitative in nature by studying the mechanisms used in IDA and other MDBs and drawing their examples and experiences. The lessons learnt are meant to complement further the fundamentals of Waqf. This study finally proposes indicators that integrate with the targets of an Islamic vision of development, which could facilitate the allocation of funds. The steps to raise funds for global waqf fund are also proposed with the objective of creating more effective approach for raising of funds for a global Waqf fund.Keywords: Waqf and Zakah, Islamic microfinance, Regulatory systems.JEL. A13, D64, G21, G23, I38, O10
The Socio-economic Status of Migrant Workers in Thiruvananthapuram District of Kerala, India
Get PDFAbstract. This paper examines the socio-economic condition of the migrant workers in Kerala. We analyse the income, consumption and savings pattern, and nature of work of the migrant workers in the Thiruvananthapuram district, based on data from a sample of 166 migrant workers. While existing studies provide evidences for short distance migration to Kerala from nearby states like Tamil Nadu and Karnataka, we find evidence for long distance migration from states like West Bengal and Assam in recent years. We find that informal information networks through migrant workers from native place plays important role in migration of workers to Kerala. Poor economic conditions in the native place and high wage rate and better employment opportunities in Kerala have been identified as the main reasons of migration to Kerala. Though there is barely any change in the nature of employment of the migrants even after migration, there has been a shift from the low-income brackets before migration to high-income brackets after migration. Notwithstanding the improved income level the living condition for most of migrant workers is deplorable, most of them live together in either poor rented houses or work sites with one room shared by many, without proper provision of hygienic sanitation.Keywords. Internal migration, Kerala, Reasons of migration, Remittances.JEL. J60, J61, J62
Nature and Significance of Islamic Economics
Get PDFAbstract. Islamic economics has of late landed in confusion and neglect and much concern is being voiced on this state of affairs. The divergence of views on various aspects of the subject tends to grow, cohesive efforts are missing. It is in this context that the present paper takes a look at the nature and significance of Islamic economics and examines the issues of its definition, nature and scope, the questions of methods and methodology, system approach, the problems that seems to hinder its growth, the challenges Islamic economics faces today and how the same can be faced. Since the differences between the Islamicand mainstream economic disciplines stem from the divergent worldviews that condition them, the discussion opens on the topic as background material. This paper is a part of draft Chapter of a book under preparation on Islamic economics and finance. Comments and suggestions are welcome but the paper or its parts cannot be put to any commercial or unfair use.Keywords: Islamic economics, Worldview, Methodology, Economic systems, Problems challenges.JEL. B10, B30, G20, K40, K20
Integrating the Concepts of Global Freedom: Economics versus Society
Get PDFAbstract. The paper carries out a context specific debate on why the real sector of the economy is important to look into to establish a framework of effective development. While doing that the paper highlights that the economic policy in the real sector is to be complemented by intervening in the progress of the society by developing social, political and legal institutions. This paper presents a post Washington consensus intellectual debate that eventually made the Prelog for first Millenium Development Goals (MDGs) and now Sustainable Development Goals (SDGs).Keywords: Role of economics, Relation of economics to social values, Sociology of economics.JEL. A10, A13, A14
University Institutional Research and Student Recruitment Performance: Utilizing Marketing Communication for Knowledge Heterogeneity
Get PDFAbstract. Institutional research constantly generate useful but heterogeneous knowledge for university administrations. Thus the effectiveness of institutional research dependes on the communication of those heterogeneous knowledge to major stakeholders (e.g., parents, students, teachers, etc.). A conceptual paper is developed in regards to the influences of institutional research, word-of-mouth (via internal students and faculties), quality signaling (to external prospect students and stakeholders as potential customers), and customer relationship management, on student recruitment performance as a special form of customer decision. Grounded on the marketing communication perspective, we propose that the student recruitment performance is largely affected by word-of-mouth, quality signaling, and customer relationship management as strategic marketing communications, which are facilitated by institutional research. Institutional research is interpreted as a strategic marketing tool that can help identify, communicate, and visualize the strengths of a university. The conceptual model contributes to the search for marketing mechanisms through which institutional research can generate impact to external stakeholders. Formal propositions and their implications for future, larger-scaled surveys were discussed.Keywords: Institutional research, Word-of-mouth, Quality signaling, Customer relationship management, Student recruitment.JEL. C40, H43, J68
Returns to Education of Colombian Economists: Analysis from the Theory of Human Capital (2009-2013)
Get PDFAbstract. This research work aims to identify the rate of return of graduates of economics in Colombia since the tenets of human capital theory and criticism of the theory of signaling. The methodology is quantitative court where income Mincerian equations were used as the method of Heckman (1979) to correct for selection bias using data from the GEIH in the period 2009-2013 for 11 professions. The main conclusion is that graduates of economics in the period studied show returns to education over the vast majority of professions.Keywords. Economists, returns to education, human capital theory, signaling theory, labor market.JEL. C01, J24, E24
Intrahousehold Bargaining, Domestic Violence Laws and Child Health Development in Ghana
Get PDFAbstract. I explore a unique exogenous instrument to examine how the intra-familial position of women influence health outcomes of their children using micro data from Ghana. Using the 2SLS-IV estimation technique, I build a model of household bargaining and child health development with perceptions of women regarding wife-beating and marital rape in the existence of domestic violence laws, in Ghana. Even though the initial OLS estimates suggest that women’s participation in decisions regarding purchases of household consumption goods help to improve child health outcomes, the IV estimates reveal that the presence of endogeneity underestimates the impact of women’s bargaining power on child health outcomes. Our choice of instrument is robust to endogeneity, father characteristics and residency robustness checks.Keywords. Household Bargaining, Women Empowerment, Child Health Investment, Instrumental Variables, Domestic Violence.JEL. J12, J13
Bollywood, Iindia and Economic Growth: A Hundred Years History
Get PDFAbstract. The main content of the following article is to describe the economic growth of an indigenous economy and the factors of its internalization. Bollywood can be used as a paradigmatic showcase for the improvement of ideas in the development of industries of emerging economies. This paper, via an extensive analysis, describes Bollywood as an economic factor for Indian’s growth. The reasons that led to this growth are described in an extended way, as well as the role of globalization and Indian’s Diaspora on this development. Keywords. Bollywood, Diaspora, Economic growth, Globalization, Hollywood, India.JEL. L82, L88, N75, O53, Z11